Spain: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Spain

The Spanish natural bitumen and asphalt market surged to $X in 2021, with an increase of 18% against the previous year. Overall, the total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.5% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Production of Natural Bitumen and Asphalt in Spain

In value terms, natural bitumen and asphalt production skyrocketed to $X in 2021 estimated in export price. Overall, the total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.3% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 28% against the previous year. Natural bitumen and asphalt production peaked at $X in 2019; afterwards, it flattened through to 2021.

Exports of Natural Bitumen and Asphalt

Exports from Spain

Natural bitumen and asphalt exports from Spain soared to X tons in 2021, rising by 49% against 2020. Overall, exports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2015 with an increase of 121%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, natural bitumen and asphalt exports skyrocketed to $X in 2021. Over the period under review, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 106% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

Exports by Country

France (X tons) was the main destination for natural bitumen and asphalt exports from Spain, with a 75% share of total exports. Moreover, natural bitumen and asphalt exports to France exceeded the volume sent to the second major destination, Portugal (X tons), fivefold. The United States (X tons) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to France amounted to +82.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+64.1% per year) and the United States (+5.0% per year).

In value terms, France ($X) emerged as the key foreign market for natural bitumen and asphalt exports from Spain, comprising 77% of total exports. The second position in the ranking was taken by Portugal ($X), with a 13% share of total exports. It was followed by the United States, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to France totaled +75.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+45.4% per year) and the United States (+5.0% per year).

Export Prices by Country

In 2021, the average natural bitumen and asphalt export price amounted to $X per ton, surging by 23% against the previous year. Overall, the export price, however, recorded a perceptible contraction. The growth pace was the most rapid in 2017 when the average export price increased by 29% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Algeria (+18.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Natural Bitumen and Asphalt

Imports into Spain

After four years of decline, supplies from abroad of natural bitumen and asphalt increased by 83% to X tons in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by 260% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, natural bitumen and asphalt imports surged to $X in 2021. In general, imports posted temperate growth. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest supplier of natural bitumen and asphalt to Spain, accounting for a 87% share of total imports. Moreover, natural bitumen and asphalt imports from Italy exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. Mexico (X tons) ranked third in terms of total imports with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy amounted to +216.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-22.5% per year) and Mexico (+70.8% per year).

In value terms, Italy ($X) constituted the largest supplier of natural bitumen and asphalt to Spain, comprising 80% of total imports. The second position in the ranking was taken by Mexico ($X), with a 6.3% share of total imports. It was followed by Canada, with a 5.3% share.

From 2012 to 2021, the average annual growth rate of value from Italy amounted to +154.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+52.9% per year) and Canada (+8.4% per year).

Import Prices by Country

In 2021, the average natural bitumen and asphalt import price amounted to $X per ton, increasing by 45% against the previous year. Overall, the import price recorded measured growth. The pace of growth was the most pronounced in 2017 when the average import price increased by 211%. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Georgia (+134.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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